Climate Change Report

So the next installment of the IPCC's report has come out.

Humans need to make sweeping cuts in greenhouse gas emissions over the next 50 years to keep global warming in check, but it need only cost a tiny fraction of world economic output, a major U.N. climate report said on Friday.
The Intergovernmental Panel on Climate Change (IPCC), in the third of a series of reports, said keeping the rise in temperatures to within 2 degrees Celsius would cost only 0.12 percent of annual gross domestic product.
"It's a low premium to pay to reduce the risk of major climate damage," Bill Hare, a Greenpeace adviser who co-authored the report, told Reuters at the end of marathon talks that ran over their four-day schedule to finalize the document.

Now, wait a minute, hang on a minute...0.12 % of global GDP? What are these guys smoking? There's no way that we could reduce emissions by the needed 85% and it only cost that much! Excuse me, I think I need to go and actually read that report.